Bank of Nova Scotia reduced its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 31.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,159,549 shares of the financial services provider’s stock after selling 6,621,407 shares during the quarter. Manulife Financial Corp accounts for approximately 1.4% of Bank of Nova Scotia’s investment portfolio, making the stock its 13th biggest holding. Bank of Nova Scotia owned approximately 0.72% of Manulife Financial Corp worth $265,449,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MFC. SG Americas Securities LLC boosted its stake in shares of Manulife Financial Corp by 76.3% during the 1st quarter. SG Americas Securities LLC now owns 24,731 shares of the financial services provider’s stock worth $439,000 after acquiring an additional 10,706 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Manulife Financial Corp by 23.3% during the 1st quarter. Neuberger Berman Group LLC now owns 60,014 shares of the financial services provider’s stock worth $1,065,000 after acquiring an additional 11,344 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Manulife Financial Corp by 26.8% during the 1st quarter. Alliancebernstein L.P. now owns 207,382 shares of the financial services provider’s stock worth $3,679,000 after acquiring an additional 43,832 shares in the last quarter. AXA boosted its stake in shares of Manulife Financial Corp by 6.2% during the 1st quarter. AXA now owns 172,600 shares of the financial services provider’s stock worth $3,062,000 after acquiring an additional 10,000 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in shares of Manulife Financial Corp by 16.1% during the 1st quarter. OppenheimerFunds Inc. now owns 12,793 shares of the financial services provider’s stock worth $227,000 after acquiring an additional 1,775 shares in the last quarter. 45.96% of the stock is currently owned by institutional investors and hedge funds.

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Shares of Manulife Financial Corp (NYSE MFC) traded down 0.25% on Monday, reaching $20.22. 420,331 shares of the company were exchanged. The stock has a 50 day moving average of $19.86 and a 200-day moving average of $18.73. Manulife Financial Corp has a 52-week low of $14.15 and a 52-week high of $20.84. The company has a market capitalization of $40.00 billion, a P/E ratio of 13.42 and a beta of 1.29.

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.01. The business had revenue of $12.34 billion during the quarter, compared to analysts’ expectations of $16.09 billion. During the same period last year, the company earned $0.40 EPS. On average, analysts predict that Manulife Financial Corp will post $1.79 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 19th. Shareholders of record on Tuesday, August 22nd were issued a $0.1621 dividend. This represents a $0.65 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend was Friday, August 18th. This is an increase from Manulife Financial Corp’s previous quarterly dividend of $0.15. Manulife Financial Corp’s dividend payout ratio is 47.83%.

MFC has been the topic of a number of research reports. BidaskClub lowered shares of Manulife Financial Corp from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Zacks Investment Research raised shares of Manulife Financial Corp from a “sell” rating to a “hold” rating and set a $22.00 price target on the stock in a research note on Monday, July 10th. Morgan Stanley raised their price target on shares of Manulife Financial Corp from $26.00 to $27.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, ValuEngine lowered shares of Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 18th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $24.25.

Manulife Financial Corp Profile

Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.

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Institutional Ownership by Quarter for Manulife Financial Corp (NYSE:MFC)

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